Tax Management India. Com
                        Law and Practice: A Digital eBook ...
TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms SMS News Articles
Highlights
D. Forum
What's New

Share:      

        Home        
 

TMI Blog

Home

2020 (2) TMI 651

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... orities, it is apparent that assessee has failed to prove the creditworthiness of the above loans. Assessee has failed to show creditworthiness of both the lenders. Hence, we do not find any infirmity in the orders of the lower authorities in sustaining the above addition u/s 68 - Decided in favour of revenue - ITA No. 5904/Del/2018 (Assessment Year: 2015-16) - Dated:- 13-1-2020 - SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER AND SHRI K.N. CHARY, JUDICIAL MEMBER Assessee by: None Revenue by: Ms. Ekta Vishnoi, Sr. DR ORDER PER PRASHANT MAHARISHI, A. M. 1. This appeal is filed by the assessee against the order of the ld CIT(A), Muzaffarnagar dated 20.06.2018 for the Assessment Year 2015-16. 2. The assessee has raised the following grounds of app .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... of assessment, proceeding merely on suspicion, conjecture and surmise. 6. That the assessment is erroneous, contrary to the facts and law of the case, therefore, additions made by the ld AO and sustaining by the Ld CIT(A) must be deleted and merit to be modified. 3. The facts shows that the assessee is a private limited company, filed return of income on 26.09.2015 at Nil income. Assessee is a company which is deriving its income from trading of medicine. The assessee have directors Shri Neeraj Handa, Smt Kamlesh Handa and Smt Neha Handa. The loans were received from two of persons. The assessee received ₹ 128500/- from Smt Neha Handa and ₹ 88,000/- from Neeraj Handa. The company was taken loan through account payee cheque and a .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ssessee submitted that the above sum was out of their past savings and current income. The assessee has also furnished their statement of affairs as on 31.03.2014. The ld CIT(A) noted that in the case of Neha Handa, cash of ₹ 40,000/- and ₹ 48500/- has been deposited on 17.04.2014 and 26.05.2014 respectively. From this cash deposit the cheque was issued to the assessee. The assessee did not furnish the source of fund available with her as she is not maintaining regular books of account. The ld CIT(A) also noted that her return of income was only ₹ 251500/- and therefore, after meeting the household expenses, she could not have saved above sum available with her. Thus, the creditworthiness of the above loan was not proved. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Site Map - Recent || Site Map ||